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GREENWICH, Conn. -- AOL CEO Tim Armstrong of Greenwich is backtracking on statements he made last week about two employees' medical costs and controversial adjustments to a 401(k) system that many AOL employees opposed, according to TIME.com.

Armstrong mentioned "distressed babies" that cost the company "a million dollars each" in health care costs in an interview. He later apologized for the comments and announced that he would reverse the 401(k) decision.